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CDFI Fund to Announce NMTC Allocation Awards Tomorrow

Wednesday, May 31, 2006 - 1:30PM

U.S. Treasury Secretary John W. Snow, Community Development Financial Institutions (CDFI) Fund director Art Garcia and other Treasury officials will announce the awarding of $4.1 billion in new markets tax credits (NMTCs) tomorrow. The allocation awards include $600 million allocated specifically for the redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone). Sen. Mary L. Landrieu, D-La., announced today that three organizations in Louisiana will receive $527 million in NMTCs. Bayoubuzz.com reports that nationwide, 63 organizations were selected from the 254 that applied. The site reports that 13 of the 63 allocatees - including four in Louisiana - will be awarded NMTC allocation authority for hurricane recovery and redevelopment as authorized under the Gulf Opportunity Zone Act of 2005.

Treasury officials are scheduled to visit eight communities around the country to highlight awards under the 2006 round of the NMTC program. Click here for a schedule of planned NMTC events.

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